MISC Investor OKs Sweetened $3B Buyout Bid From Petronas

Law360, New York (April 11, 2013, 2:24 PM EDT) -- A substantial minority shareholder in Malaysian shipping outfit MISC Bhd. signed off on a sweetened 9.2 billion ringgit ($3 billion) takeover bid from state-owned energy firm Petroliam Nasional Bhd., MISC said Thursday, setting up a go-private deal that previously appeared to be on shaky ground.

The move comes after the energy firm, known as Petronas, earlier this week beefed up its initial proposal, worth 8.7 billion ringgit ($2.8 billion). With the higher bid, Petronas clinched crucial support from Employee Provident Fund, Malaysia's top pension fund, which...
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